Retail trade numbers disappoint again

Retail sales value, down 0.8% in the last quarter, is yet more evidence that National’s economic management is failing and New Zealand families are worse off, Labour’s economic development spokesperson David Cunliffe said today.

“Unemployment leapt 0.5% in the quarter to a record 7.3% under National so it is not surprising that Kiwi families are spending less,” David Cunliffe said.

“The biggest falls were in supermarket and grocery store sales, which dropped by more than $60 million so Kiwis are spending less on the basics.

“The economy is in trouble. When you have more people out of work, people spend less. The less people spend, businesses make fewer products and more people lose their jobs. This is turning into a dangerous spiral.

“The only significant increase in retail trade was building and hardware, which was up overall because of the Canterbury rebuild. But North Island sales fell.

“The government can take no credit for the inevitable effects of spending insurance money to rebuild our crippled city.

“This is more bad news, as if any were needed, to confirm the National government is fumbling in the economic dark without a torch.”